Indonesia Starts Mining at a Super-Large Gold Deposit

According to Nikkei, Indonesian gold-copper mining operator Medco Gold Resources has announced that it has started mining at a super-large gold deposit in northern Sulawesi. According to the company, the deposit has gold reserves of about 200 tonnes, making it one of the largest gold mines in the country. Driven by persistently high gold prices, domestic demand for gold investment in Indonesia is growing.

Medco Gold Resources has started mining operations at the Pani gold mine in Gorontalo Province on Sulawesi. The mine plans to process 7 million tonnes of ore a year, targeting annual gold output of 4 tonnes. By 2030, its ore processing capacity will be further increased.

Medco Gold Resources listed on the Indonesia Stock Exchange on September 23. The company sold about 10% of its issued shares, raising IDR 4.66 trillion (about US$280 million). It plans to use the proceeds to further expand gold production.

Indonesia is the world's eighth-largest gold producer. A growing number of Indonesians regard gold investment as a means of preserving asset value. Affected by rising geopolitical risks and uncertainty over the domestic economic outlook, the price of gold sold by state-owned mining giant Antam reached about IDR 2.23 million per gram on October 1, a record high.

Antam officials said on September 29 that the company's gold sales are expected to rise from 43 tonnes in 2024 to 45 tonnes in 2025. It is reported that since the beginning of this year the company has imported about 30 tonnes of gold from Singapore and elsewhere. (Source: Reference News)

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